AMP indicated yesterday that its 2003 results would be much better than previously predicted. CEO Andrew Mohl told the ASX that the net profit – which will be released on March 4 – will be in the range of $600-$620 million, well up on the previous forecast of $402-$535 million.

Mr Mohl attributes the more confident result to improved business performance and “a number of positive one-off items”.

The financial services giant will also be in a position to pay off more than $1.2 billion in external debt, bringing debt to around $2 billion.

With the demerger of AMP’s British offshoot complete, Mr Mohl says the focus is switching to “rebuilding and rejuvenating” the group.